Where would you like to sign in?

MagIndustries Announces Pledge of Its Shares by Evergreen

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2012) - MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) announced today that in connection with certain loans made to Evergreen Resources Holding (BVI) Ltd., ("Evergreen BVI"), the holder of 357,238,683 common shares, or approximately 77.6% of MagIndustries, Evergreen BVI has entered into a share pledge agreement with the Export-Import Bank of China ("China EXIM") under which Evergreen BVI has pledged all 357,238,683 common shares of the Company it owns as collateral for such borrowings. MagIndustries is not a party to the loans nor any associated obligations.

About MagIndustries Corp.

MagIndustries is a Canadian company whose common shares are listed on the TSX and trades in Canadian currency under the symbol "MAA". The Company has 460,172,463 shares outstanding on an undiluted basis. MagIndustries is focused on the development of its potash assets in the Republic of Congo. More information on the Company is available on its website, www.magindustries.com.

Cusip: 55917T 102

Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.